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SUMMARY:Keynes\, the Pope and the IMF - Mark Hayes\, Durham University
DTSTART:20150225T180000Z
DTEND:20150225T193000Z
UID:TALK57085@talks.cam.ac.uk
CONTACT:Philippa Millerchip
DESCRIPTION:In this seminar Mark Hayes will discuss Keynes’s surprisingl
 y positive views on the medieval scholastic teaching on usury and draw upo
 n the work of Keynes to argue that the traditional view of usury (understo
 od as the charging of rent for the use of money) as anti-social is well-fo
 unded. Keynes’s understanding of the nature of probability allows a clea
 r distinction to be made between debt and equity finance which most econom
 ists dismiss. Rather than meriting remuneration\, the demand for the secur
 ity provided by money against an uncertain future imposes a social cost in
  one form or another. This proposition is illustrated with reference to th
 e problems of the modern international financial and monetary system\, spe
 cifically the role of deposit insurance and the obstacles to a renewed sys
 tem of managed exchange rates\, without which many regions appear doomed t
 o enduring long-term austerity.\n
LOCATION:McGrath Centre\, St Catharine's College
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